Federal Tax Credit
Quiz
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•
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Medium
Chantel Miller
Used 1+ times
FREE Resource
10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Customer Is Eligible For The Tax Credit If They?
Leasing & Financing
Cash And Leasing
Financing And Cash
Financing, Leasing, And Cash
2.
MULTIPLE CHOICE QUESTION
30 sec • 2 pts
Are Price Adjustments That Make The Vehicle Fall Within The Price Cap Threshold Eligible?
No
Yes
Answer explanation
Price adjustments will not make a vehicle eligible
3.
FILL IN THE BLANK QUESTION
20 sec • 1 pt
Eligibility Is Based Off Of What?
4.
MULTIPLE CHOICE QUESTION
30 sec • 2 pts
Can Dual Registrants Both Use Their Social To Claim The Credit?
Yes
No
Depends On AGI
Answer explanation
If dual registrant, customers must decide which claimant/SSN to provide before delivery; adjustments to the listed claimant/SSN may not be accommodated post-delivery. Person claiming the credit must be listed as the primary registrant. Only the primary registrant will be able enter a Social Security Number.
5.
MULTIPLE CHOICE QUESTION
30 sec • 3 pts
What Does The Point Of Sale Show Up As In DRO
Price Adjustment
Point Of Sale Credit
Invoice Adjustments
Government Incentives
Answer explanation
Point of Sale credit will show up as “Government Incentive” as soon as customer has completed the Incentive Task in their app.
The amount is not confirmed until the Application Status is “Submission Approved.”
6.
MULTIPLE CHOICE QUESTION
30 sec • 4 pts
Does The $7,500 POS Deduct From Taxes & Fees?
Yes
No
Answer explanation
The credit amount will be applied to that total amount, subject to customer and vehicle approval.
The credit will not lower the price of the vehicle before taxes and fees are calculated.
7.
MULTIPLE CHOICE QUESTION
45 sec • 3 pts
What Happens If Customer Claims They Are Within Income Threshold But Actually Exceeds The Threshold?
Customer would have to pay the showroom back the $7,500.
It will be withdrawn from the next years taxes.
They will have to pay the IRS back $7,500
They may be prosecuted for tax fraud.
Answer explanation
If a customer receives a Point of Sale Transfer and ends up making more than the AGI threshold for the year, they will have to pay the full $7,500 back to the IRS when they file their taxes.
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